HENNE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HENNE
Largest movements
- Tangible fixed assets -€357,002
down €357,002 (-29.2%), from €1.2m to €864,078
of which Land and buildings: -€331,587
- Cash +€344,048
up €344,048 (+294%), from €116,849 to €460,897
mainly Net result for the year (+€366,266) and Depreciation (+€161,641)
- Intangible fixed assets +€135,575
new in 2025: €135,575
- Receivables within one year +€77,091
up €77,091 (+79.3%), from €97,274 to €174,365
of which Other amounts receivable: +€113,591
- Reserves +€245,244
up €245,244 (+85.3%), from €287,503 to €532,747
of which Tax-exempt reserves: +€242,244
- Debts after one year -€224,751
down €224,751 (-28.4%), from €790,990 to €566,239
- Other debts +€107,049
up €107,049 (+289%), from €37,034 to €144,083
- Tax, wage and social debts +€68,339
up €68,339 (+77.9%), from €87,710 to €156,049
of which Taxes: +€64,613
- Gross operating margin +€360,009
up €360,009 (+71.7%), from €502,393 to €862,402
- Depreciation +€56,640
up €56,640 (+53.9%), from €105,002 to €161,641
- Taxes +€21,766
up €21,766 (+52.7%), from €41,338 to €63,104
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,458,759 | €1,660,777 | +€202,018 | +13.8% |
| Formation expenses | 20 | €932 | €673 | -€260 | -27.9% |
| Fixed assets | 21/28 | €1,221,080 | €999,653 | -€221,427 | -18.1% |
| Intangible fixed assets | 21 | - | €135,575 | +€135,575 | |
| Tangible fixed assets | 22/27 | €1,221,080 | €864,078 | -€357,002 | -29.2% |
| Land and buildings | 22 | €1,146,034 | €814,447 | -€331,587 | -28.9% |
| Plant, machinery and equipment | 23 | €400 | €2,037 | +€1,637 | +409% |
| Furniture and vehicles | 24 | €74,645 | €47,593 | -€27,052 | -36.2% |
| Current assets | 29/58 | €236,747 | €660,451 | +€423,705 | +179% |
| Amounts receivable within one year | 40/41 | €97,274 | €174,365 | +€77,091 | +79.3% |
| Trade receivables | 40 | €36,500 | - | -€36,500 | |
| Other amounts receivable | 41 | €60,774 | €174,365 | +€113,591 | +187% |
| Cash at bank and in hand | 54/58 | €116,849 | €460,897 | +€344,048 | +294% |
| Deferred charges and accrued income | 490/1 | €22,624 | €25,190 | +€2,566 | +11.3% |
| Total equity and liabilities | 10/49 | €1,458,759 | €1,660,777 | +€202,018 | +13.8% |
| Equity | 10/15 | €368,471 | €614,737 | +€246,266 | +66.8% |
| Contributions | 10/11 | €12,397 | €12,397 | = | 0.0% |
| Reserves | 13 | €287,503 | €532,747 | +€245,244 | +85.3% |
| Tax-exempt reserves | 132 | €23,548 | €265,792 | +€242,244 | +1,029% |
| Distributable reserves | 133 | €263,955 | €266,955 | +€3,000 | +1.1% |
| Profit (loss) carried forward | 14 | €68,571 | €69,593 | +€1,022 | +1.5% |
| Amounts payable | 17/49 | €1,090,288 | €1,046,040 | -€44,248 | -4.1% |
| Amounts payable after more than one year | 17 | €790,990 | €566,239 | -€224,751 | -28.4% |
| Financial debts | 170/4 | €790,990 | €566,239 | -€224,751 | -28.4% |
| Amounts payable within one year | 42/48 | €286,648 | €468,956 | +€182,308 | +63.6% |
| Current portion of amounts payable after more than one year | 42 | €143,106 | €140,365 | -€2,742 | -1.9% |
| Trade debts | 44 | €18,797 | €28,458 | +€9,661 | +51.4% |
| Suppliers | 440/4 | €18,797 | €28,458 | +€9,661 | +51.4% |
| Taxes, remuneration and social security | 45 | €87,710 | €156,049 | +€68,339 | +77.9% |
| Taxes | 450/3 | €47,634 | €112,248 | +€64,613 | +136% |
| Remuneration and social security | 454/9 | €40,076 | €43,801 | +€3,726 | +9.3% |
| Other amounts payable | 47/48 | €37,034 | €144,083 | +€107,049 | +289% |
| Accrued charges and deferred income | 492/3 | €12,650 | €10,845 | -€1,805 | -14.3% |
| Remuneration, social security and pensions | 62 | €224,109 | €222,246 | -€1,863 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,002 | €161,641 | +€56,640 | +53.9% |
| Other operating charges | 640/8 | €11,971 | €10,030 | -€1,941 | -16.2% |
| Gross operating margin | 9900 | €502,393 | €862,402 | +€360,009 | +71.7% |
| Operating profit (loss) | 9901 | €161,311 | €468,485 | +€307,174 | +190% |
| Financial income | 75/76B | €1,884 | €5,820 | +€3,937 | +209% |
| Recurring financial income | 75 | €1,884 | €5,820 | +€3,937 | +209% |
| Financial charges | 65/66B | €40,470 | €44,935 | +€4,464 | +11.0% |
| Recurring financial charges | 65 | €40,470 | €44,935 | +€4,464 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €122,724 | €429,371 | +€306,647 | +250% |
| Income taxes | 67/77 | €41,338 | €63,104 | +€21,766 | +52.7% |
| Profit (loss) for the period | 9904 | €81,386 | €366,266 | +€284,880 | +350% |
| Transfer from tax-exempt reserves | 789 | - | €7,885 | +€7,885 | |
| Transfer to tax-exempt reserves | 689 | - | €250,129 | +€250,129 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,386 | €124,022 | +€42,636 | +52.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.